Field of the Invention
This invention relates generally to computer applications (also known as “apps”) for budgeting financial resources, and more particularly relates to a system, method and web-based application for allocating financial resources across various categories and authorizing expenditures failing to exceed a predetermined threshold.
Description of the Related Art
There exist many computer program products in the art for retrospective allocation of expenditures already made into predetermined categories, including programs such as QuickBooks, Excel, and Quicken; but no efficient computer program products for allocating expenditures into predetermined categories before the expenditure is made, much less of authorizing the expenditure only in response to a predetermined spending threshold failing to be exceeded for the category into which the expense falls.
In today's world of electronic commerce, shoppers are barraged with print, ads, cost per click ads, billboards, and opportunities to spend discretionary income. Many individuals, businesses, spouses, travelers, and even municipalities overspend without regard as to what type of expenditure is being made until after the expense is paid. These individuals and organization has no access to efficient means in the art of categorizing and pre-authorizing expenditures before they are paid. Most budgeting systems fail because they try and control, or account for, expenditures after they have been made rather than before. Further the time-tested cash budgeting methods of the past are becoming obsolete because our society is becoming cashless.
A system, method and computer program product are needed for imposing budget control constraints on users' financial resources, including allocating funds or credit across a plurality of categories associated with a type of expense, setting predetermined spending thresholds for each category, then categorizing/itemizing expenses into one of the plurality of categories and approving only expenses falling below the predetermined spending threshold.